Partnership extended via new private financing
CHICAGO and NEW
YORK, Oct. 11, 2022 /PRNewswire/ -- G Squared
Ascend I Inc. (NYSE: GSQD) ("G Squared Ascend I"), a publicly
traded special purpose acquisition company sponsored by affiliates
of G Squared, and Transfix, Inc. ("Transfix"), the Intelligent
Freight Platform™, a digital freight startup driving modern supply
chain performance with its AI platform, today announced the mutual
termination of their previously announced business combination
agreement due to current public market conditions.
Concurrently, G Squared and New Enterprise Associates, Inc.
("NEA") will lead a private round of investment to support
Transfix's continued growth. As part of this financing, G Squared's
Founder & Managing Partner, Larry
Aschebrook, will join Transfix's Board of Directors.
Lily Shen, CEO and President,
Transfix said, "We have fostered a strong partnership with G
Squared and NEA, who continue to believe in our business and the
opportunity ahead. This funding will allow us to continue investing
in our technology and innovation, advancing Transfix's modern
solutions for shippers and carriers, and delivering on the access,
ease, and reliability the industry deserves. We continue to enjoy
the support of our customers who value the power and flexibility of
our business model, and we remain incredibly excited about our
ability to drive impact at scale."
Larry Aschebrook of G Squared
said, "Transfix's team of freight industry and technology experts
continues to raise the bar across the sector as they work to move
goods more seamlessly and sustainably. G Squared is confident in
Transfix and its prospects and will continue to support Transfix as
a private company."
"We initially partnered with Transfix at the Series B in 2016,
and since then we have been impressed with the efficiency and
sustainability impacts the company has had on the shipping
logistics industry," said Carmen
Chang, General Partner, NEA. "We are confident in Transfix's
long-term future, and look forward to our continued partnership
throughout their next chapter of growth as a pioneer of the modern
supply chain."
Additional information regarding the termination of the business
combination agreement is provided in a Current Report on Form 8-K
filed by G Squared Ascend I with the U.S. Securities and Exchange
Commission and is available at www.sec.gov.
About G Squared
G Squared is a global venture capital firm that partners with
dynamic companies throughout their life cycles as a complete
capital solutions provider, working to create value for companies,
investors, employees, and other stakeholders. The firm focuses on
investments in growth-stage technology companies and has invested
in over 110 portfolio companies since it was founded in 2011. The
firm's affiliate, G Squared Ascend, offers transformative private
companies a path to public markets via SPAC. For more information
on G Squared and its portfolio, visit: www.gsquared.com. For more
information on G Squared Ascend I, visit:
www.gsquaredascend.com.
About Transfix
Transfix drives modern supply chain impact at scale with its
Intelligent Freight Platform™. By combining enterprise-grade,
machine-learning technology with intuitive software and dedicated
supply chain experts, Transfix is enabling organizations to deliver
with high performance and high reliability, drive long-term
strategy and capacity planning, take empty miles off the road, and
optimize their networks, at scale. Today, Transfix connects
shippers to nearly 30,000 carriers with real-time, many-to-many
freight matching and the visibility they need to make their supply
chains more efficient and environmentally responsible. Learn more
at Transfix.io.
Forward Looking Statements
The information in this communication may contain statements
that are not historical facts but are "forward-looking statements''
within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended, and within the meaning of "safe harbor" provisions under
the United States Private Securities Litigation Reform Act of 1995.
All statements, other than statements of present or historical fact
included in this communication, regarding G Squared Ascend I's and
Transfix's decision to terminate the business combination, G
Squared's future investment in Transfix, and the makeup of
Transfix's board of directors, are forward-looking statements. When
used in this communication, the words "could," "should," "will,"
"may," "believe," "anticipate," "intend," "estimate," "expect,"
"project," the negative of such terms and other similar expressions
are intended to identify forward-looking statements, although not
all forward-looking statements contain such identifying words.
These forward-looking statements are based on management's current
expectations and assumptions about future events and are based on
currently available information as to the outcome and timing of
future events. Except as otherwise required by applicable law, G
Squared Ascend I and Transfix disclaim any duty to update any
forward-looking statements, all of which are expressly qualified by
the statements in this section, to reflect events or circumstances
after the date of this communication. G Squared Ascend I and
Transfix caution you that these forward-looking statements are
subject to numerous risks and uncertainties, most of which are
difficult to predict and many of which are beyond the control of
either G Squared Ascend I or Transfix. Should one or more of the
risks or uncertainties described in this communication, or should
underlying assumptions prove incorrect, actual results and plans
could differ materially from those expressed in any forward-looking
statements. You should carefully consider the risks and
uncertainties described in the "Risk Factors" section of G Squared
Ascend I's final prospectus filed on February 8, 2021, and Quarterly Reports on Form
10-Q, in each case, under the heading "Risk Factors," and other
documents of G Squared Ascend I filed, or to be filed, with the
SEC. Additional information concerning these and other factors that
may impact the operations and projections discussed herein can be
found in G Squared Ascend I 's periodic filings with the SEC,
including G Squared Ascend I's final prospectus for its initial
public offering filed with the SEC on February 8, 2021. G Squared Ascend I's SEC
filings are available publicly on the SEC's website at
www.sec.gov.
Media Contact
The Bulleit Group for G Squared Ascend I
gsquared@bulleitgroup.com
Chelsea Horn, Carve
Communications for Transfix
chelsea@carvecomms.com
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SOURCE G Squared Ascend I Inc.